Our nephew is in the process of securing a newly built flat in Chesterfield with a mortgage from Skipton. His conveyancer has advised him of a delay in receiving the ‘Disclosure of Incentive Form’. What is this document - I have never come across this before?
The document is intended to provide information to the main parties involved in the transaction. Therefore, it will be provided to your son’s lawyer who should be on the Skipton conveyancing panel as a standard part of the process, and to the surveyor when requested. The developer will be required to start the process by downloading the form and completing it. The form will therefore need to be available for the valuer at the time of his or her site visit. The form should be sent to the Skipton conveyancing panel solicitor as early as possible, in order to avoid any last minute delays, and no later than at exchange of contracts.
My fiance and I are hoping to buy a 2 bedroom apartment in Chesterfield with a mortgage from Godiva Mortgages Ltd.We have a Chesterfield conveyancing solicitor but Godiva Mortgages Ltd informed us her practice is not on their approved list of firms. It seems we are left with little choice but to instruct a Godiva Mortgages Ltd panel lawyer or retain our preferred solicitor and fork out for one of their panel ones to act for them. We feel as though this is unjust; Can we not simply insist that Godiva Mortgages Ltd use our lawyer?
No, not really. The loan offered to you is subject to its terms and conditions, one of which will be that solicitors must be on the Godiva Mortgages Ltd conveyancing panel. in the past, most lenders had large numbers of solicitors on their panels: a borrower could find one for themselves, as long as it was on the lender's panel. The lender would then simply instruct the borrower's lawyers to act for the lender, too. You can use your lender's panel lawyers or you could borrow from another lender which does not restrict your choice. Another option that might be available is for your lawyer to apply to be on the conveyancing panel for Godiva Mortgages Ltd
Just had an offer accepted on a new build apartment in Chesterfield. Conveyancing is daunting at the best of times but I have never purchased a new build flat before. What sort of enquires would be asked in new build conveyancing.
Here is a sample of a few leasehold new build questions that you can expect your new-build leasehold conveyancing in Chesterfield
Will the freehold then be transferred for a nominal consideration (not exceeding £100) to the Management Company? If there are lifts in the building, please confirm that the owners of flats on the ground and basement floors will not be required to contribute towards the cost of maintenance and renewal. Forfeiture - bankruptcy or liquidation must not apply under this provision. Where there is an Undertaking being granted there is the risk of forfeiture of the Headlease subject to relief if one or more of the Underlessees are willing to accept the original Head Lessee’s obligations as otherwise relief will be denied to the Underlessees. The only alternatives are the Head Lessor agreeing not to forfeit the Headlease or the Head Lessee guaranteeing to the Underlessees that it will not be in breach of the Headlease. Investor purchasers must be able to freely grant unsecured tenancies at market rents without requiring any consents.
Over the last few months I have been searching for a flat up to £235,500 and found one round the corner in Chesterfield I like with open areas and railway links in the vicinity, however it only has 51 years on the lease. There is not much else in Chesterfield for this price, so just wondered if I would be making a grave error purchasing a short lease?
If you need a mortgage the shortness of the lease will be problematic. Discount the price by the anticipated lease extension will cost if it has not already been discounted. If the existing proprietor has owned the premises for a minimum of 2 years you could request that they commence the lease extension formalities and then assign it to you. You can add 90 years to the current lease with a zero ground rent applied. You should speak to your conveyancing lawyer regarding this.
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